“I’ve always thought Apple’s cash hoard was about freedom.”

Daring Fireball Linked List: Sitting on It

Gruber nails it but I don’t think he understands why. The banks understand that this cash gives Apple freedom. That’s why they want it removed.

Once they have a dividend the next discussion will be about how much and how quickly they can suck the pool of cash dry.

If in future Apple needs cash the banks will happily provide a loan! To anyone else this seems like madness, to the banks this looks like efficient use of capital.